(1) The Corporation may, with the previous approval of the State Government, make regulations consistent with this Act and the rules, for the administration of its affairs.
(2) Without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-
(a) the summoning and holding of meetings of the Corporation and of the committees appointed by it; the time and place where such meetings are to be held, the conduct of business at such meetings and the number of persons necessary to form a quorum thereat;
(b) the recruitment and the salaries and allowances and other conditions of service of employees of the Corporation;
(c) the powers and duties of the employees of the Corporation;
(d) the management of the property of the Corporation;
(e) the execution of contracts and assurances of property on behalf of the Corporation and authentication of orders and instruments of the Corporation;
(f) the limits upon which the Managing Director shall be competent to incur recurring or non-recurring expenditure in any financial year;
(g) the maintenance of accounts and the preparation of balance sheet by the Corporation;
(h) the procedure for carrying out the duties and functions of the Corporation under this Act;
(i) any other matter for which provision is to be, or may be made by regulations.
(3) Until any regulations are made by the Corporation under sub-section (1) any regulations which may be made by it may be made by the State Government, and any regulations so made may be altered or rescinded by the Corporation in exercise of its power under subsection (1).